PSEi tumbles after Sunday protest marches

MANILA, Philippines – Philippine stocks tumbled near the 6,200 barrier on Monday, a day after thousands of Filipinos trooped to the streets to protest government corruption and demand accountability from officials.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.79 percent or 49.66 points to end at 6,214.83, snapping its four-session winning streak.

READ: DBM to expand blacklist of flood control project builders

Likewise, the broader All Shares Index dipped by 0.31 percent or 11.52 points to close at 3,729.29.

A total of 1.2 billion shares worth P5.01 billion changed hands, stock exchange data showed.

Martial Law

The market closed in the red territory after traders absorbed the impact of the nationwide protests on Sunday. It was the 53rd anniversary of the late dictator Ferdinand Marcos Sr.’s declaration of martial law.

The protest mostly directed at government officials allegedly involved in anomalous flood control projects.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors were to see whether the protest would help “improve governance standards.”

At the same time, traders also took advantage of the bourse’s four consecutive winning streaks to book profits and shed their shares, according to Japhet Tantiangco, research head at Philstocks Financial Inc.

Banks took a beating as BDO Unibank Inc. lost 4.04 percent to close at P144.80 per share, while Bank of the Philippine Islands shed 1.31 percent to P113 and Metropolitan Bank and Trust Co. declined by 2.1 percent to P70 each. INQ